Banking For Teens
Checking accounts Pros and Cons
- Keep just enough of a balance in your checking account for expenses.
- Move extra cash to a savings account where it can earn interest.
- Use a checking account the right way you'll have a good record and you can spend your money.
- Funds are easily accessed
- Debit Card
- App on phone
- Checking accounts do not pay interest on the balance in them.
- Low interest rates.
- Account expiration
Debit Cards Pros and Cons
- Takes less time to make a purchase.
- When you use a debit card you're limited to spending the amount of money you have in the associated account keeps you within budget.
- Can easily get cash from ATM.
- Can be used like a credit card.
- does not allow overspending.
- Disputed charges can be more difficult to resolve.
- Some banks may charge you extra fees.
- You don't improve your credit score.
- Take advantages of reward points.
- Required joint account.
- low interest rates